If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or thought of doing so), one query probably occurs simultaneously: Why use Bitcoin?
The question is understandable. The typical Macon County person knows next to nothing about electronic cash, money that exists in the virtual space. Even when seen on paper, it’s just a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Many motivations exist – among them, privacy, immediate transactions, investment potential and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (occasionally termed “digital Gold”) is the most prevalent and frequently held. Demand has spiked so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Macon County , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial space where you are in total control. Bitcoin is not tethered by any government rules, nor strictures of third-party Macon County financial institutions. It’s a decentralized, worldwide currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is incredibly valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can change cash into remittances within minutes.
At one instance in 2017, the price of Bitcoin exceeded the value of one troy ounce of Gold. Both are considered as “safe haven” assets for Macon County investors. The “Bitcoin vs. Gold” argument has gone on for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a fixed supply, while the worldwide availability of Gold increases approximately 1.5 percent annually. In the five years preceding 2020, Gold’s value improved around 67 percent; Bitcoin, on the other hand, improved as much as 4,500 percent.
The quantity of Macon County businesses and organizations taking Bitcoin grows progressively. Household names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can acquire and use Bitcoin. Given that 25 percent of U.S. households, including those in Macon County, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other reason – is obvious. Bitcoin security is unrivaled, guarded by a global network of complex computers employing blockchain technology.
Transactions using Bitcoin are instantaneously completed. There’s no red tape. The virtual cash is held in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to conventional currency. If you’re interested in examining Bitcoin, maybe start with a small amount. Stop by a cheap local Bitcoin ATM near Macon County and deposit some cash. Understand how a virtual wallet operates, and how Bitcoin is used to acquire products and services.
You can feel safe doing so, too. Coinsource Bitcoin ATMs have one of the highest degrees of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies globally and in Macon County .
You perhaps have more questions about Bitcoin … and that’s normal. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very soon.